The role of the annual budget is changing.
Corporates have historically taken weeks or even months to collect, collate and analyse the data needed to create an annual budget but technology and automation have made it possible to create snapshots of a company’s finances with ease, allowing organisations to reforecast around different scenarios on a much more regular basis.
With the pandemic wrecking havoc on predictability, its difficult to make forecasts for the quarter ahead, let alone the year. Firms have now realised that to be truly agile means pivoting quickly – and that mans making use of technology and the data they have at hand. The limits of a prescriptive annual budget are now enticing businesses to adopt more predictive flexible forecasts.
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